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Chinese Electronics Maker LeEco Faces Extreme Financial Crisis

LeEco Faces Extreme Financial Crisis

Chinese electronics maker LeEco which is more popular and fastest growing organization in China has now in financial crisis. Earlier this year LeEco has entered into Indian market to do an earth shattering business like it did in China, but unfortunately the company run out of cash so quickly. The organization has recently joined hands for “Make in India” to deliver cheap smartphones locally.

In a mail to its employees, the company has mentioned the problems and how it went into financial crisis. Among many Chinese smartphone producers Xiaomi and LeEco stands in top positions to make quality products at an affordable price. LeEco began services as online concept platform and soon expanded to smartphones, televisions, and even a smart car.

Speaking in this, LeEco founder and Chairman JiaYueting said “We concentrate on developing the organization, and the development is also moving too fast. We blindly raced ahead for launching products too fast without keeping investment in the mind. Finally, we are in financial crisis.”

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About LeEco’s Fundings

Founded in 2004, the organization received its first money of $17.5 million in August 2008. In August 2013, the company upturned another $32.5 million in Series A funding. Finally, LeEco received $55.4 million in funding in September 2014 from CHT capital.

However, LeEco exposed its first electric sports car, ‘LeSee’ in China for which it raised $1.1 billion this year.

Will LeEco get out from Financial Crunch?

An email from the LeEco chairman puts the employees in a dilemma about their future. The letter didn’t show a positive sign and the future of company could be doubtful if no depositor invests in it.

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JiaYueting also stated that they are facing a lot of troubles to raise funds. He also mentioned that he would cut off his salary to 1 Yuan. As we know CEOs across the globe have recognized for reducing their salaries to $1, but not only because of a cash crunch and this is a bold move as well.

Jia Yueting will now be the Chairman of LeEco and Coolpad

Jia Yueting will now be the Chairman of LeEco and Coolpad

The key player of LeEco Jia Yueting, CEO and Founder will also be the Chairman of Coolpad. Yueting is now the CEO of leading Chinese Smartphone maker Coolpad. Initially, the Company (LeEco) bought 11 percent of Coolpad shares.

Suddenly, Coolpad stock makes an upward move and Jia became the largest shareholder with 28.9 percent stake. Both the leading Chinese companies will release a new Smartphone namely Cool 1 on 16th August at Beijing.

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Yueting, already emerging into the markets of India and China and LeEco is expecting with this collaboration “COOL 1” smartphone is supposed to take 50 – 60 million units. LeEco is aiming to be the top Smartphone manufacturer and supplier in next year annual sales by 100 million handsets.

“LeEco and Coolpad will adopt a dual-brand strategy where the two brands co-exist and target at different market segments. The two will also collaborate extensively in resources sharing, business development as well as technology research,” Yueting said in a statement.

You can see the promotional poster of Cool 1 which is set to release on 16 August.

Jia Yueting

LeEco always makes a strategic move which has sold 700,000 units in just six months in India and now very soon entering with Super tvs. LeEco also collaborated with VIZIO, a US consumer brand for developing complete TV ecosystem and LeEco acquired VIZIO with $2 billion.

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The Rumoured Specifications of LeEco and Coolpad’s COOL 1 comes with the dual rear camera with 5.5-inch Quad HD display screen. It is equipped with 4 GB RAM and 64 GB inbuilt memory. It runs on Android v6.0 (Marshmallow) operating system adding Snapdragon 820 processor to it. A non-removable battery with 3500 mAh will fire up the device.

LeEco and Coolpad are confident enough that Cool 1 specially made for youth generation and it will reach the Smartphone market vastly and expected sixty million units’ sales.

LeSEE Chinese Autonomous, Electric, Future Smart Car

LeSEE

LeEco, formerly known as LeTv well recognised in the market for smartphones & TVs. The recent release of its Smartphone Trio makes it even more famous. The Firm’s recent investments in leading automobile companies like Aston Martin and Faraday future hints its next step into the vehicle market.

The Chinese Company had shocked all the viewers with an automated electric car which runs on the voice commands through a mobile application. At an event in Beijing, the futuristic smart electric car is unveiled by the company’s CEO Jia Yueting. He operated the car via voice commands from the mobile. The electric car was demoed with less speed due to limited space and ordered to park itself.

LE Sivrac Smart Bicycle with Android, Quad-core processor and 4 GB of RAM

The company has named the smart car as LeSEE. It is a part of the firm’s initiative for Eco-friendliness. The specifications of the car are not mentioned but by the looks at the demo, the automatic electric car would be provided with multicolour headlights. The car had two traditional front doors and two suicide back doors. The four doors and the roof are entirely made of glass which can create an illusion of an individual piece that connects the rear window and the front shield.

The C-shaped headlights suggest that the car does not have a usual front grill. The conventional mirrors are replaced with cameras to look around. The front portion of the car is assisted with a display showing specific data of the vehicle when it is in motion. There won’t be any central diffuser instead the head lights are mirrored by the tail lights at the back.

Outdated technology is the reason for apple’s downfall in china: Jia Yueting

The LeSEE can travel with a top speed of 130 mph, and it is designed keeping the environment in view. Talking about the entertainment displays screens are placed at the back part of the front seats and a music system is arranged. The back seats are foam lined and made self-adjusted to the bodies of the passengers. The Steering is featured with a self-folding mechanism when set to autopilot.

Jia Yueting said that apart from the company’s commitment to the green car it is also developing a Car-sharing business. He also stated that autonomous electric car will out rate Tesla’s Model S in ‘all departments of performance. With the launch of LesEE China would be on the forefront in the global market.

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The car prices would also be Similar to the prices of the LeEco’s mobiles when compared with the existing ones in the market. CEO of the company also mentioned that the firm’s car would be given free some day in the future by not specifying the date as the company’s revenue is aimed at content and services offered through the cars.

The Future smart car would be added to more characteristics like face recognition and self-learning which is not displayed in the present demo show.

Jia said that the Hong Kong city would be the first one to have this electric car when made available to the market.

https://www.youtube.com/watch?v=etJ6HVd2VAQ

LE Sivrac Smart Bicycle with Android, Quad-core processor and 4 GB of RAM

LE Sivrac

LeEco’s Smart Bicycle

LeEco, China’s emerging multi product company, formerly known as the LeTv had now launched its new product named LE Sivrac. It is pretty much a combination of smartphone, a fitness tracker and road cycle. It is the third product which is launched by the Chinese company this month including the smartphone trio and the super smart car LeSSE.

All the three products are related to three different sectors, but the common point among all is the technology. Having a unique design the smart bike is made up of T700 carbon fibre and equipped with an aluminium alloy frame smartphone with a 4-inch display is mounted & fixed in between the handle bars.

The smartphone enables easy navigation and display of the maps. It also keeps the record logs of the places and journeys made on the bicycle. Running on the Android software, it is powered with a 4 GB RAM. Featured with built in speakers, it can play music which is loud enough that doesn’t require to use headphones.

The handlebars are equipped with individual sensors which would recognise the heartbeat count and store it in the smartphone. It also stores the information about the physical metrics such as age, gender, height and weight.

lebike2

It also had buttons which are for horn and signalling lights. A camera is mounted at the top of the handlebar to shoot, record the journey on the bike & used for security purposes. The camera comes up with an SD card option. It also had laser pointers which would display a red laser light on the red showing the fellow riders and cars notice your presence avoiding accidents during nights.

The head and rear lights are self-adjusted with the help of sensors that will on/off sensing the light level. The chunkier cross bar holds three controls the parking lock, camera, and lights. When the parking lock button is pressed the chain bolt that will slide into its place preventing it from being stolen. The power source for all the electrical operations is done by a battery which is connected to all the other peripherals and is kept down the smartphone and it can be charged using a pin.

In the case of dead or low battery, the bicycle unlocks itself for easy peddling. The modern smartphone running on two wheels is available in China and would roll out in the United States by the end of the year.

LE Sivrac price would be starting from $800 and above $6,000 for the carbon framed one. LeECo’s Smart bicycle would be displayed on the CE China show out in Shenzhen. This bike may be available only for china.

Outdated technology is the reason for apple’s downfall in china: Jia Yueting

autoshow-beijing-china-leeco_2

Is Apple Outdated in China?

China’s Billionaire Entrepreneur Jia Yueting had taken a dig at tech giant ‘Apple’. In his first International Television interview with CNBC, he had made some important remarks about his rivals.

He stated that primary difference between Apple and us is that Apple is a mobile company which focuses only on Software and hardware. Coming to LeShi, the firm’s preference would be primarily on The Internet, next the software and finally on hardware.

Jia yueting CEO of LeEco formerly known as LeTv called the Netflix of China has expressed his views on the competition between his company and his rivals. Commenting on the iPhone, he says that having separate applications is the need of hour at the early stages of the mobile net. During those times, the CPUs and mobile networks are very slow compared to now. According to the user perspective, it’s a significant obstacle to enjoying all the advancements.

He also pointed that due to its out-dated technology the company’s sale was dropped in China, which was the second biggest market for apple. He exampled that latest model of Apple iPhone SE which is built with low technical values, and the design was obsolete. The specifications of the smartphone are also not up to the mark when compared to other leading mobiles.

Jia stated that the former leader of the mobile industry should bring latest advancements in building its products. He opined that apple should rethink about the closed nature of its systems and lack of internet while designing. He added that due to the over dominance nature of the Firm, its products are lagging these days

In the late January, Apple announced their fourth quarter earnings which indicated the fall in sales of smartphones in China mostly in the Hong Kong region.

During the launch of new super electric Car LeSEE, he said that it would surely surpass Tesla’s Electric Car in all aspects. He pointed that Tesla is right, but LeSEE would be the best since they made the super-car on the idea of making the smartphone run on four wheels.

The CEO of LeEco started his career as a tech support worker went on to build his own IT and Mobile company now Worthing $4.8 million. He guessed that the next generation of the mobile internet would be more open and ecosystem oriented different from the existing one.

The LeSEE will be on display at Beijing Auto Show this week.